Note 4 - Balance Sheet Components

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Supplemental Balance Sheet Disclosures [Text Block]

4. Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):

	March 31,			December 31,
	2023			2022
Leasehold improvements	$	2,519		$	2,519
Laboratory equipment		1,149			1,118
Furniture, fixtures and equipment		966			966
Software		289			289
Construction in progress		30			22
		4,953			4,914
Less: Accumulated depreciation and amortization		(3,088	)		(2,953	)
	$	1,865		$	1,961

Depreciation expense was $0.1 million and $0.2 million for the three-month periods ended March 31, 2023 and 2022, respectively.

Intangible Assets, Net

Intangible assets primarily consist of acquired licenses to utilize certain patents, know-how and technology relating to the Company’s NPS technology for biomedical applications acquired from Old Dominion University Research Foundation (“ODURF”), Eastern Virginia Medical School, and the University of Southern California. In addition, the Company entered into a Sponsored Research Agreement with Old Dominion University’s Frank Reidy Research Center for Bioelectrics, which includes certain intellectual property rights arising from the research. The Company is amortizing the intangible assets over an estimated useful life of 12 years.

Intangible assets, net consisted of the following (in thousands):

	March 31,			December 31,
	2023			2022
Acquired patents and licenses	$	7,985		$	7,985
Less: Accumulated amortization		(5,601	)		(5,434	)
	$	2,384		$	2,551

A schedule of the amortization of intangible assets for the remainder of 2023 and the succeeding [four] fiscal years is as follows (in thousands):

Years ending December 31:
2023 (remaining 9 months)	$	498
2024		665
2025		665
2026		556
	$	2,384

Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	March 31,		December 31,
	2023		2022
Compensation expense	$	1,615	$	1,377
Director and officer liability insurance (Note 12)		815		571
Clinical trial fees and costs		49		64
Professional fees		351		318
Warranty		50		50
Other		211		215
	$	3,091	$	2,595